BP Says Atlantis Platform Sets Sail in the Gulf of Mexico

BP's 58,700 metric ton semisubmersible Atlantis platform sets sail for its permanent location in the deepwater Gulf of Mexico. Designed to process 200,000 barrels of oil and 180 million cubic feet of gas per day, Atlantis will be the deepest moored floating production facility in the world in 7,074 ft of water.

Atlantis Field

Discovered in 1998, the Atlantis Field development is designed to utilize the deepest moored semi submersible platform in the world. The water depth at the semi (PQ) location is 7,074 ft (2,156 m). It is designed to process 200,000 b/d and 180 mmcf/d. First oil is expected in 2007. Oil and gas will be transported to existing shelf and onshore interconnections via the Mardi Gras Transportation System.

--BP operates the development (56% interest), with co-venturer BHP
Billiton owning the balance.

--Field will be developed via semi-submersible Production / Quarters
facility, supported by a network of wet-tree subsea wells.

--Development drilling and well completions will be conducted using a
long-term development Unit (LTDU), the Global Santa Fe Development
Driller 2.

--Project is in the execution phase currently, with the hull having been
built in Okpo, Korea, and the topsides modules being built in Morgan
City, Louisiana. The integration of the hull and topsides will occur in
Ingleside, Texas.

BP began deepwater Gulf of Mexico operations in the mid 1980s. BP produces in excess of 350,000 boe/d (barrels of oil equivalent per day) from nearly two dozen fields, including BP operated facilities at Na Kika, Pompano, Marlin, Horn Mountain, Mad Dog and Holstein. BP also operates a number of subsea tie-backs in the Gulf.

Execution of our exploration strategy has delivered excellent results, yielding a strong portfolio of large, high quality development projects. Focused exploration will continue across our portfolio.

BP undertook an unprecedented simultaneous development of five major projects in the Gulf of Mexico. Two have been completed. The remaining three -- Thunder Horse, Atlantis and the pipelines within the Mardi Gras Transportation System -- will be complete in 2007.

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